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USD/JPY Broken Channel Line in Focus as Support

USD/JPY Broken Channel Line in Focus as Support

2013-04-09 20:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Broken Channel Line in Focus as Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Focused on USDJPY in Friday’s weekly. One setup that was described on Friday was to wait for a break through upward sloping resistance followed by a test of the topside of the line. Support is seen from the topside of that line down to the uncovered close at 97.50 (Friday’s close). Weakness below the breakout day low at 95.74 would be needed to flip the near term trend. It’s worth noting that price is nearing a Fibonacci confluence; the 50% retracement of the decline from the 2007 high at 99.85 and the 261.8% extension of the October-March 2011 rally at 99.48.

FOREXTrading Strategy: See strategy described above and would probably (if the market ‘acted’ right) be willing to take the other side of this move near 101.44.

LEVELS: 96.70 97.50 98.39 99.84 101.44 103.50

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